Thread: Any home loan type people here?

If there is any person here expert in this field I would appreciate a PM. I require the services of someone who understands the paper work and understands how B of A does business.
I am asking here on the forum as the bank seems to be proficient at double talk and so I no longer trust what they tell me but on the other hand , those who I can turn for help have proven through there actions that they only wish to reach as deeply as they can into my pocket.

I am not looking for a "something for nothing" deal here. I will gladly pay a fee.

Details will be explained through PM if anyone is interested.

The only way I'd trust anything from B of A is if I got it in writing.

the times we live in! do what a stranger on the internet tells you because the bank is surely out to screw its customers!

Originally Posted by the gospel of gg

Why are ye fearful, O ye of little faith? Doeth not capitalism knowest thy needs and provides for them when you condemn the government regulations?

sorry mark, the best I can suggest is get the proposed contract from them and read all of it fine print and all. they certainly are in it to make money off you, so figure out how much that money is and then you can decide if it's worth whatever you're getting.

Be very suspicious about anything the bank says unless you got a signed paper for it too.

If it's for a new loan, I would suggest you go through a broker, they deal with all the "bank crap". I don't know what the broker arrangement is in the US, but here in Australia the bank pays them a "finders fee" so it doesn't cost you anything.

I had a bad run-in with B of A once and I would never use them if they were the last bank in the world.

Former owner of a mortgage brokerage here, now med student after the drop off. Best thing I can say is to get a good faith estimate from several different banks, and if you're up for it a mortgage broker. BofA isn't a bad bank, other decent ones would be Citi, & Wells Fargo. The three of them actually own their paper so your loan wont go getting transferred around to a bunch of different banks & your payment isn't going somewhere different every month. I'm not a big fan of Chase because they did a ton of crappy loans and I'm not sure how stable they really are. Wells Fargo probably did the lowest number of the subprime type of loans, followed by BofA and then probably Citi.

As for the customer service with each of them, well honestly if you pay on time every month it should be a fairly moot issue. All of the big banks are large companies and are not going to accept any excuses for anything (even if your house exploded and there's nothing left, they still want their payments).

Assuming you have a 720+ credit score, you're doing a purchase with 20% down, single family home, and it's your primary residence your rate should be somewhere around 5% on a 30 year fixed loan with you paying no more than 1 point or 5.25% with no points.

Go with whomever gives you the lowest rates/points/other junk fees and worry a little less about the bank (other than someone obviously getting ready to go out of business, or a possible bait and switch deal from a broker).

Marky Mark you have pm

I am no "Expert" but I have done Mortgage loans too..

My suggestion is to hire a real estate lawyer. Have that person overlook the paperwork. The lawyer works for you and is out for your best interest as a client. I don't trust mortgage brokers. They work off of commission and everyday they recieve emails from banks to push certain loans and they get a kickback.

Thanks to all who responded and another thanks to all who PMed me glen.